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VMNFX vs. VBIAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMNFX vs. VBIAX

Last updated Jun 5, 2026

VMNFX (Vanguard Market Neutral Fund Investor Shares) and VBIAX (Vanguard Balanced Index Fund Admiral Shares) are both mutual funds - VMNFX is a Long-Short fund managed by Vanguard, while VBIAX is a Diversified Portfolio fund tracking the 60% CRSP US Total Market Index / 40% Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, VMNFX returned 5.00%/yr vs 9.78%/yr for VBIAX. At a correlation of -0.03, they often move in opposite directions. VMNFX charges 1.31%/yr vs 0.07%/yr for VBIAX.

Performance

VMNFX vs. VBIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Market Neutral Fund Investor Shares (VMNFX) and Vanguard Balanced Index Fund Admiral Shares (VBIAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VMNFX achieves a 12.03% return, which is significantly higher than VBIAX's 6.79% return. Over the past 10 years, VMNFX has underperformed VBIAX with an annualized return of 5.00%, while VBIAX has yielded a comparatively higher 9.78% annualized return.

VMNFX

1D
0.00%
1M
0.45%
YTD
12.03%
6M
14.75%
1Y
18.35%
3Y*
13.20%
5Y*
12.98%
10Y*
5.00%

VBIAX

1D
-0.53%
1M
2.54%
YTD
6.79%
6M
6.67%
1Y
18.45%
3Y*
14.83%
5Y*
7.75%
10Y*
9.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VMNFX vs. VBIAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VMNFX
Vanguard Market Neutral Fund Investor Shares		12.03%9.27%5.78%12.23%13.48%23.24%-11.58%-9.57%0.60%-4.89%
VBIAX
Vanguard Balanced Index Fund Admiral Shares		6.79%13.61%14.58%17.54%-16.90%14.21%16.40%21.78%-2.86%13.89%

Correlation

The correlation between VMNFX and VBIAX is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.04

Correlation (3Y)
Calculated over the trailing 3-year period

-0.05

Correlation (5Y)
Calculated over the trailing 5-year period

-0.07

Correlation (10Y)
Calculated over the trailing 10-year period

0.03

Correlation (All Time)
Calculated using the full available price history since Nov 14, 2000

-0.03

VMNFX vs. VBIAX - Sectors Allocation Comparison

Sectors
VMNFX
VBIAX

Financial Services

19.9%
12.0%

Healthcare

13.6%
9.2%

Technology

13.0%
33.5%

Industrials

12.9%
9.8%

Consumer Cyclical

12.7%
10.0%

Real Estate

7.6%
2.4%

Basic Materials

5.6%
2.0%

Energy

4.7%
3.7%

Communication Services

3.6%
10.3%

Utilities

3.4%
2.3%

Consumer Defensive

3.0%
4.7%

Financial Services

VMNFX
19.9%
VBIAX
12.0%

Healthcare

VMNFX
13.6%
VBIAX
9.2%

Technology

VMNFX
13.0%
VBIAX
33.5%

Industrials

VMNFX
12.9%
VBIAX
9.8%

Consumer Cyclical

VMNFX
12.7%
VBIAX
10.0%

Real Estate

VMNFX
7.6%
VBIAX
2.4%

Basic Materials

VMNFX
5.6%
VBIAX
2.0%

Energy

VMNFX
4.7%
VBIAX
3.7%

Communication Services

VMNFX
3.6%
VBIAX
10.3%

Utilities

VMNFX
3.4%
VBIAX
2.3%

Consumer Defensive

VMNFX
3.0%
VBIAX
4.7%

Compare stocks, funds, or ETFs

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Vanguard Market Neutral Fund Investor Shares

Vanguard Balanced Index Fund Admiral Shares

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Return for Risk

VMNFX vs. VBIAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VMNFX
VMNFX Risk / Return Rank: 6565
Overall Rank
VMNFX Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
VMNFX Sortino Ratio Rank: 7070
Sortino Ratio Rank
VMNFX Omega Ratio Rank: 5959
Omega Ratio Rank
VMNFX Calmar Ratio Rank: 8383
Calmar Ratio Rank
VMNFX Martin Ratio Rank: 5353
Martin Ratio Rank
VBIAX
VBIAX Risk / Return Rank: 6868
Overall Rank
VBIAX Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
VBIAX Sortino Ratio Rank: 6565
Sortino Ratio Rank
VBIAX Omega Ratio Rank: 6262
Omega Ratio Rank
VBIAX Calmar Ratio Rank: 7070
Calmar Ratio Rank
VBIAX Martin Ratio Rank: 7979
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VMNFX vs. VBIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Investor Shares (VMNFX) and Vanguard Balanced Index Fund Admiral Shares (VBIAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

VMNFXVBIAXDifference
Sharpe ratioReturn per unit of total volatility
2.33
2.38

-0.05

Sortino ratioReturn per unit of downside risk
3.51
3.39

+0.12

Omega ratioGain probability vs. loss probability

1.43

1.44

-0.01

Calmar ratioReturn relative to maximum drawdown

3.89

3.23

+0.66

Martin ratioReturn relative to average drawdown

10.80

14.71

-3.92

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMNFX vs. VBIAX - Sharpe Ratio Comparison

The current VMNFX Sharpe Ratio is 2.33, which is comparable to the VBIAX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of VMNFX and VBIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VMNFXVBIAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.33

2.38

-0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.81

0.70

+1.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

0.87

-0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.34

0.64

-0.30

Drawdowns

VMNFX vs. VBIAX - Drawdown Comparison

The maximum VMNFX drawdown since its inception was -26.42%, smaller than the maximum VBIAX drawdown of -35.90%. Use the drawdown chart below to compare losses from any high point for VMNFX and VBIAX.

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Drawdown Indicators

VMNFXVBIAXDifference

Max Drawdown

Largest peak-to-trough decline

-26.42%

-35.90%

+9.48%

Max Drawdown (1Y)

Largest decline over 1 year

-4.65%

-5.83%

+1.18%

Max Drawdown (3Y)

Largest decline over 3 years

-5.44%

-11.70%

+6.26%

Max Drawdown (5Y)

Largest decline over 5 years

-6.75%

-21.53%

+14.78%

Max Drawdown (10Y)

Largest decline over 10 years

-25.09%

-22.78%

-2.31%

Current Drawdown

Current decline from peak

0.00%

-0.53%

+0.53%

Average Drawdown

Average peak-to-trough decline

-8.76%

-4.44%

-4.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.68%

1.27%

+0.41%

Volatility

VMNFX vs. VBIAX - Volatility Comparison

The current volatility for Vanguard Market Neutral Fund Investor Shares (VMNFX) is 1.97%, while Vanguard Balanced Index Fund Admiral Shares (VBIAX) has a volatility of 2.31%. This indicates that VMNFX experiences smaller price fluctuations and is considered to be less risky than VBIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VMNFXVBIAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.97%

2.31%

-0.34%

Volatility (6M)

Calculated over the trailing 6-month period

5.75%

6.11%

-0.36%

Volatility (1Y)

Calculated over the trailing 1-year period

7.79%

7.92%

-0.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.21%

11.05%

-3.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.39%

11.21%

-4.82%

VMNFX vs. VBIAX - Expense Ratio Comparison

VMNFX has a 1.31% expense ratio, which is higher than VBIAX's 0.07% expense ratio.

Dividends

VMNFX vs. VBIAX - Dividend Comparison

VMNFX's dividend yield for the trailing twelve months is around 3.13%, less than VBIAX's 5.24% yield.

PositionTTM20252024202320222021202020192018201720162015
VBIAX
Vanguard Balanced Index Fund Admiral Shares		5.24%6.00%5.27%4.35%2.83%3.19%2.65%2.28%2.32%1.95%2.09%2.09%
VMNFX
Vanguard Market Neutral Fund Investor Shares		3.13%3.53%5.61%5.09%0.75%0.16%0.81%3.16%0.94%1.07%0.38%0.02%

Frequently Asked Questions

VMNFX and VBIAX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VBIAX has higher volatility (2.31%) compared to VMNFX (1.97%). In terms of maximum drawdown, VMNFX dropped -26.42% vs VBIAX's -35.90%.

VBIAX currently has the higher Sharpe Ratio (2.38 vs 2.33), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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